The Cedars; 359; 361; 363 Warren Ave, Silverthorne, CO March 16, 2009 2008 rents; for new renters =$1250 for 2 BR; $1350 for 3 BR Silverthorne Apartments Projected
2002
2003
2004
2005
2006
2007
2008
2009
135,435
141,227
155,856
152,902
167,970
171,546
188,975
198,423
Management Fees
10,811
11,321
11,984
11,015
12,549
11,817
13,749
14,436
Maintenance & Supplies
23,631
28,568
24,984
45,483
35,465
31,810
75,632
33,400
15,806
14,931
14,722
9,980
13,174
8,847
7,802
8,000
Property Taxes
7,114
6,616
6,215
5,808
5,634
4,217
5,798
6,000
Insurance
8,227
12,313
12,313
13,536
15,827
12,500
9,739
10,000
38
26
-246
1,295
777
-2,297
0
0
Total Operating Expense
65,627
73,775
69,972
87,117
83,426
66,894
112,720
71,836
Operating Cash Flow
69,808
67,452
85,884
65,785
84,544
104,652
76,255
126,587
Revenue Operating Expense
Utilities
Other
M&S expenses are exceptionally high for 2008. This reflects 1) abnormally high snow removal costs, 2) a water problem which resulted from an ice damming issue, $25K, 3) concrete work on the sidewalks and steps, $20K. These abnormal expenses created about a $50K spike in M&S costs last year. These M&S expenses are not expected to reoccur in 2009. Projected 2009 Cap Rate: NOI $125, 587, Sales Price $1,950,000 = 6.5%